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FINANCIAL NEWS
Dubai’s Arabtec Q3 profits drop 80%
07 Nov 2010
(MENAFN) Arabtec, a UAE-based construction firm, announced that its third quarter profits for 2010 were $11.2 million, as opposed to $56.9 million in the same period of 2009, registering a drop by over 80%, Emirates 24/7 reported.
As for the profit attributable to equity holders, the figure amounted to $1.9 million in the July-September period of the current year, compared to $45.4 million during the same period a year earlier, which represents a massive 96 percent drop.
As for Arabtec�s earnings during the January-September period of 2010, the figures plunged by 43 percent generating only $93.3 million, as opposed to $165.6 million during the same quarter of 2009, the financial statement showed.
Moreover, the firm also recorded a new allowance for impairment losses on steel inventories worth $6 million in the third quarter, according to the statement.
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